Question

Is it better to have a Line of Credit or Credit Card debt on my Credit Report?

I have a line of credit that I'm only able to make minimum payments on right now. However, with the daily interest that accrues, nearly 1/3 of each minimum payment becomes accrued interest on my next statement. I have a promotional 0% balance transfer offer on one of my credit cards for another 10 months that I'm considering. The 3% balance transfer fee would equate to about 4 months of what I'm paying in accrued interest right now. Is it worth transferring the balance from the LOC to a credit card or would this kill my awesome credit rating (currently 821 & 823)?

Until I can make larger payments, I need all the help to reduce my pay-out.

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